I-RES profit rises but warns of inflation headwinds
Irish Residential Properties REIT has seen revenue and profit rise but has warned of headwinds around inflation and interest rates this year.
The company posted revenue growth of 6.7% during the year to €79.7m (£66.4m), which chief executive Margaret Sweeney pinned on “continued investment in new properties”. The REIT invested in 148 new homes since the end of 2020, bringing the portfolio to 3,829 properties and, since the year end, the company has bought 152 residential units located in Clontarf, Dublin.
Profit came in at €67.5m, up from 2020’s €58.3m.
Irish Residential Properties REIT has seen revenue and profit rise but has warned of headwinds around inflation and interest rates this year.
The company posted revenue growth of 6.7% during the year to €79.7m (£66.4m), which chief executive Margaret Sweeney pinned on “continued investment in new properties”. The REIT invested in 148 new homes since the end of 2020, bringing the portfolio to 3,829 properties and, since the year end, the company has bought 152 residential units located in Clontarf, Dublin.
Profit came in at €67.5m, up from 2020’s €58.3m.
“The economic growth outlook for Ireland and the fundamentals of our business remain strong with a young growing population, reducing household sizes, and continuing strong international investment supporting continued requirements for good quality professionally managed private rental accommodation,” Sweeney said.
“As we enter 2022, headwinds in relation to inflation and interest rates, which have not been a significant factor over the last 10 years, will put necessary focus on operational costs and efficiencies from operational scalability and enabling technology. The company is fortunate to have significant head room in its debt facilities, as well as extended maturities, to minimise the impact of future interest rate increases.”
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Photo: I-RES, Dublin
